331.430 - DEBT SERVICE FUND.

        331.430  DEBT SERVICE FUND.         1.  Except as otherwise provided by state law, county revenues      from taxes and other sources for debt service shall be credited to      the debt service fund of the county.  However, moneys pledged or      available to service general obligation bonds, and received from      sources other than property taxes, shall be deposited in the fund      from which the debt is to be retired.         2.  The board may make appropriations from the debt service fund      for the following debt service:         a.  Judgments against the county, except those authorized by      law to be paid from sources other than property tax.         b.  Interest as it becomes due and the amount necessary to      pay, or to create a sinking fund to pay, the principal at maturity of      all general obligation bonds issued by the county.         c.  Payments required to be made from the debt service fund      under a lease or lease-purchase agreement.         For the purposes of this section, warrants issued by a county in      anticipation of revenue, refunding or refinancing of such warrants,      and judgments based on a default in payment of such warrants shall      not be considered debt payable from the debt service fund.         3.  A tax levied for the debt service fund is not invalid if it      raises moneys in excess of those needed for a specific purpose.  Only      excess moneys remaining after retirement of all indebtedness payable      from the debt service fund may be transferred from the fund to the      fund most closely related to the project for which the indebtedness      arose, or to the general fund, subject to the terms of the original      bond issue.  This subsection shall not be construed to give a county      board of supervisors authority to increase the debt service levy for      the purpose of creating excess moneys in the fund to be used for      purposes other than those related to retirement of debt.         4.  When the amount in the hands of the treasurer belonging to the      debt service fund, after setting aside the sum required to pay      interest maturing before the next levy, is sufficient to redeem one      or more bonds which by their terms are subject to redemption, the      treasurer shall notify the owner of the bonds.  If the bonds are not      presented for payment or redemption within thirty days after the date      of notice, the interest on the bonds shall cease, and the amount due      shall be set aside for payment when presented.  Redemptions shall be      made in the order of the bond numbers.  
         Section History: Recent Form
         83 Acts, ch 123, § 14, 209; 84 Acts, ch 1178, § 11; 85 Acts, ch      156, §2; 97 Acts, ch 25, § 1, 2         Referred to in § 331.432, 331.441, 331.447